Investors Lose Interest In Banks

The markets at the moment are like an English penalty shoot out, hard to watch. It’s much the same really, we can start with the fact that Thursday was subject to another vicious sell off. Global financials certainly, much like England in the quarter finals, came off worse. Societe Generale, the French bank suffered losses over 12% after a profit warning. Deutsche Bank shares fell over 6%. On the FTSE 100 RBS was the ‘winner’ out of the financials and their shares fell by over 4% today.

Investors were forced towards safe haven assets yet again on Thursday, with Gold currently (17:00hrs) up over 5%. The USD/JPY saw a hugely volatile session as unconfirmed rumours of more intervention whistled through markets, at present the rate is down 1.16%.

Moving on, stock specific news is also fairly bleak. Interserve shares were dumped today after a downgrade from Liberium. Rio’s decision to scrap its progressive dividend policy also, unsurprisingly didn’t sit well with investors. We will leave it there for Thursday, you get the point. Let’s hope Friday brings something a little more positive than just the weekend.